AllianceBernstein National Municipal Income Fund, Inc. Releases Monthly Portfolio Update

Top 10 Fixed-Income Holdings

Portfolio %

1) Metropolitan Transportation Authority Series 2016-2 5.25%, 11/15/35

2.55 %

2) State of Connecticut Special Tax Revenue Series 2012-A 5.00%, 01/01/29

2.35 %

3) Jefferson County Board of Education/AL Series 2018 5.00%, 02/01/46

1.72 %

4) Los Angeles Department of Water & Power Power System Revenue Series 2013-B 5.00%, 07/01/30

1.71 %

5) Wisconsin Public Finance Authority Series 2018 5.00%, 07/01/58

1.69 %

6) Detroit Downtown Development Authority Series 2018-A 5.00%, 07/01/48

1.66 %

7) Central Plains Energy Project Series 2017-A 5.00%, 09/01/42

1.64 %

8) Miami Beach Health Facilities Authority Series 2014 5.00%, 11/15/39

1.56 %

9) Virginia Small Business Financing Authority Series 2022 3.00%, 01/01/41

1.46 %

10) Wisconsin Public Finance Authority Series 2022 5.00%, 02/01/62

1.45 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

22.34 %

Airport

8.81 %

Toll Roads/Transit

6.30 %

Revenue - Miscellaneous

5.70 %

Electric Utility

5.35 %

Higher Education - Private

2.74 %

Tobacco Securitization

2.60 %

Industrial Development - Industry

2.53 %

Water & Sewer

2.51 %

Prepay Energy

2.50 %

Primary/Secondary Ed. - Public

1.80 %

Port

1.46 %

Industrial Development - Utility

0.51 %

Higher Education - Public

0.49 %

Senior Living

0.23 %

SUBTOTAL

65.87 %

Tax Supported

Special Tax

16.72 %

State G.O.

8.05 %

Local G.O.

1.85 %

State Lease

1.12 %

SUBTOTAL

27.74 %

Prerefunded/ETM

3.50 %

Cash & Cash Equivalents

Funds and Investment Trusts

1.40 %

SUBTOTAL

1.40 %

Commercial Mortgage-Backed Securities

1.05 %

Asset-Backed

Housing - Multi-Family

0.44 %

SUBTOTAL

0.44 %

Total

100.00 %

State Breakdown

Portfolio %

Illinois

12.45 %

California

10.30 %

New York

8.74 %

Pennsylvania

6.76 %

New Jersey

6.28 %

Wisconsin

5.86 %

Florida

5.42 %

Connecticut

4.99 %

Texas

3.28 %

South Carolina

3.00 %

Michigan

2.98 %

Alabama

2.64 %

Virginia

2.14 %

Ohio

2.04 %

Colorado

1.85 %

Oklahoma

1.71 %

Georgia

1.64 %

Nebraska

1.64 %

Minnesota

1.59 %

North Carolina

1.58 %

Tennessee

1.41 %

Arizona

1.39 %

Utah

1.18 %

Maryland

1.07 %

District of Columbia

1.03 %

New Hampshire

1.02 %

Iowa

0.87 %

Kansas

0.83 %

West Virginia

0.65 %

Puerto Rico

0.48 %

Indiana

0.44 %

Hawaii

0.42 %

Arkansas

0.33 %

Louisiana

0.19 %

Washington

0.14 %

Massachusetts

0.12 %

South Dakota

0.12 %

Kentucky

0.02 %

Other

1.40 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

5.03 %

AA

27.96 %

A

33.82 %

BBB

23.73 %

BB

3.63 %

D

0.22 %

Not Rated

0.71 %

Pre-refunded Bonds

3.50 %

Short Term Investments

1.40 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

1.66 %

1 To 5 Years

5.38 %

5 To 10 Years

15.51 %

10 To 20 Years

32.08 %

20 To 30 Years

34.86 %

More than 30 Years

10.51 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

12.68 %

Average Coupon:

4.63 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

1.20 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

4.63 %

VMTP Shares:

41.02 %

Total Fund Leverage:

46.85%*

Average Maturity:

   13.16 Years

Effective Duration:

    8.46 Years

Total Net Assets:

$333.88 Million**

Common Stock Net Asset Value:

$11.62

Total Number of Holdings:

192

Portfolio Turnover:

5.00 %

* The total percentage of leverage constitutes 4.63% through the use of tender option bonds, 41.02% in issued and outstanding
VMTPs and 1.20% in investment operations, which may include the use of certain portfolio management techniques such as
credit default swaps, dollar rolls, negative cash, reverse repurchase agreements and when-issued securities.

** The Fund also had outstanding $232,125,000 of VMTPs at liquidation value, which is not included in Total Net Assets because
it is treated as a liability for financial reporting purposes.

The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The Fund is a closed-end
U.S.-registered management investment company advised by AllianceBernstein L. P.